Synthetic media production platform Rephrase.ai has raised $1.5 million in seed funding led by Lightspeed Ventures and AV8 Ventures as it looks to grow its presence in North America and expand its engineering and research teams.
The Bengaluru-based company uses artificial intelligence to create videos from simple text, helping organisations save costs of video production, for purposes such as creating training or sales and marketing videos.
Rephrase said that it was witnessing demand for its platform from digital marketing agencies and software as a service enterprises for creating sales and marketing videos. The company uses AI to do facial-reenactment that predicts lip movements, facial expressions, and head movements.
“Now, enterprises can create high-quality video content for targeted sales and marketing initiatives while saving time and money. This technology will change the way we think about video production, both for business communication today and filmmaking in the future,” said Ashray Malhotra, CEO of Rephrase.ai.
Video-based marketing campaigns have four times the click-through-rate of personalised email marketing, said Hemant Mohapatra, Partner at Lightspeed India Partners, however, today most organisations that use these shoot videos manually which isn’t scalable.
“The Rephrase.ai team is one of the most technically and creatively savvy teams out there with prior experiences at Google, Facebook, Samsung and MIT media labs and we are very excited to go on this ambitious journey with them,” said Mohapatra added.
Rephrase was founded by Ashray Malhotra, Shivam Mangla, and Nisheeth Lahoti in 2018 and was part of the first batch of TechStars India Accelerator Programme in 2019.